What Investors Missed in the Market This Week
Friday capped off a pretty fine day for investors who enjoy markets hitting new records -- even if we've seen that happen enough times this year to shrug off the news. All three major indexes, the Dow Jones Industrial Average, S&P 500, and NASDAQ, hit all-time intraday highs on Friday and closed at records despite an unremarkable October jobs report. With earnings season at full speed, there were plenty of companies making big moves or big headlines. Here are three worth watching.
Many investors are keeping an eye on the U.S. automotive industry as a strong sales cycle inevitably plateaus. U.S. light-vehicle sales declined a modest 1.1% in October, but with one fewer selling day in the month, the seasonally adjusted annual rate (SAAR) checked in at a very strong 18.11 million, making it the second-strongest month of 2017. Most analysts, including Edmunds and LMC Automotive, had predicted a decline between 2% and 4%.
The better-than-expected result was driven by America's healthy appetite for trucks. Light truck demand was up 3.4% last month, in contrast to the sales of passenger cars, which were down 8.8% in October. As you would expect, Detroit automakers Ford Motor Company (NYSE: F) and General Motors (NYSE: GM) benefited from strong truck demand. Ford's October sales embarrassed the industry's decline, posting a 6.2% gain on the strength of the F-Series' best October since 2004. The F-Series recorded nearly 76,000 units sold, a wild 15.9% gain over the prior year. Better yet for investors, the F-Series' average transaction price jumped $4,000 year over year.
Source: Fool.com
